Likewise with the case of wind, the same
level of investment in power generation can produce more, or ‘increasing returns’ – but in this case, at a rate of 7% rather than
the 20% achievable with solar PV. Wind power too in its early years was able to generate striking increasing returns.2 Of
course the various renewables follow different learning curves and have different cost reduction characteristics – but our
point is that as a group they exhibit patterns of cost reduction rather than cost increases. In this we concur with studies of
future scenarios for renewable energy such as that by Sadorsky (2011)